Obedience Is Elegance
Tim Knight | Aug 09, 2018 08:52AM ET
At the risk of making it seem like Slope has become a crypto-haven (it hasn’t) I must say once again how remarkably well-behaved the crypto trade is when it comes to technical analysis. This is how it’s supposed to work, expressed as a chart, when central bankers are falling all over themselves to prop things up. Good old classic human psychology at work.
Here, for instance, is LiteCoin. Notice how each key support level, once it gives way, leads to fresh weakness.
Even cooler is Ripple. After its former lifetime high (arrow), it beat it (circle) and went exploding higher into “the founder is one of the richest men in the world” levels, only to lose nearly 90%. It recently broke the identical price level marked by the horizontal line, causing even more weakness.
If only stocks could behave this way again!
Anyway, these dogs aren’t going to walk themselves. See you soon.
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